Renewable energy will become the main body of energy production growth this year and next

China Petrochemical News Net, according to the ICIS website, May 11, according to a report released by the International Energy Agency (IEA) on Tuesday, it is estimated that renewable energy will account for 90% of the global total production growth in 2021 and 2022.

It is expected that 270 GW of new renewable energy capacity will be put into operation this year, and 280 GW will be added in 2022, exceeding the record annual new capacity of more than 50% in 2017-2019.

With the reduction of investment costs and continued policy support, the introduction of solar photovoltaic (PV) will partially offset the slowdown in the increase in wind power generation capacity.

It is expected that in 2021 and 2022, production capacity will account for more than 55% of all renewable energy expansion, reaching 145 GW in 2021 and 162 GW in 2022.

Other renewable energy sources, including bioenergy, will remain stable, accounting for 3% of the total new renewable energy sources.

Despite the impact of the new crown epidemic, renewable energy is the only energy source whose demand will increase in 2020, an increase of 45% year-on-year, the largest increase since 1999.

Most of the projects (nearly 150 GW) were put into production in the fourth quarter of 2020, more than double the same period last year and surpassed the number of installed capacity in the first three quarters of 2020.

Wang Lei is an excerpt from ICIS

The original text is as follows:

Renewables to be bulk of energy capacity growth 2021-22 – IEA

Renewables are expected to account for 90% of total global capacity increases in both 2021 and 2022, according to the International Energy Agency (IEA)'s report published on Tuesday.

An additional 270GW capacity of renewable energy is expected to become operational this year, with a further 280GW in 2022, surpassing the previous record-level annual capacity additions of 2017-2019 by more than 50%.

The slower rate of wind capacity additions will be partly offset by increased solar photovoltaic (PV) rollout, on lower investment costs and ongoing policy support.

Capacity is expected to account for more than 55% of all renewable energy expansions in 2021 and 2022, reaching 145GW in 2021 and 162GW in 2022.

Other renewables including bioenergy are set to remain stable, accounting for 3% of total new renewable capacity additions.

Despite erosion caused by the pandemic, renewables were the only energy source to mark an increased demand in 2020, growing 45% year on year, the biggest rise since 1999.

Most projects – almost 150GW – were commissioned in the fourth quarter of 2020, more than double than in the same period previous year, and exceeded the number of installations in the first three quarters of 2020.